Common use of Expiration and Termination of Option Clause in Contracts

Expiration and Termination of Option. (a) The Option shall expire and, thus, no longer be exercisable on the tenth (10th) anniversary of the Date of Grant. (b) The Option shall terminate upon the termination, for any reason, of the Participant's employment with the Company or an Affiliate, and no shares of Stock may thereafter be purchased under the Option except as follows: (i) Where the Participant's employment with the Company or an Affiliate is terminated due to the death of the Participant, the Option may be exercised after the Participant's death by the Participant's designated beneficiary, the Participant's heir, the legal representative of the Participant's estate or by the legatee of the Participant under his last will for a period of twelve (12) months from the date of the Participant's death but only to the extent (A) the Option would be exercisable in accordance with Section 2(a) hereof as of the date of the Participant's death, (B) the exercise period of the Option has not expired under Section 4(a) hereof and (C) the Option has not otherwise been terminated. (ii) Where the Participant's employment with the Company or an Affiliate is terminated due to the Disability of the Participant, the Option may be exercised by the Participant after such termination of employment for a period of twelve (12) months from the date of such termination of employment but only to the extent (A) the Option would be exercisable in accordance with Section 2(a) hereof as of the date of such termination, (B) the exercise period of the Option has not expired under Section 4(a) hereof and (C) the Option has not otherwise been terminated. (iii) Where the Participant's employment with the Company or an Affiliate is terminated for any reason other than by reason of death, Disability or Misconduct, the Option may thereafter be exercised for a period of three (3) months from the date of such termination of employment but only to the extent (A) the Option would be exercisable in accordance with Section 2(a) hereof as of the date of such termination,

Expiration and Termination of Option. (a) The Option shall expire and, thus, no longer be exercisable on the tenth (10th) [INSERT NUMBER OF YEARS] anniversary of the Date of GrantGrant Date. (b) The Option shall terminate and cease to be outstanding upon the termination, for any reason, of the Participant's employment with services to the Company or an AffiliateAffiliate as a director, and no shares of Stock may thereafter be purchased under the Option officer, employee, consultant, advisor, agent, independent contractor, or independent sales or service organization, except as follows: (i) Where the Participant's employment with services to the Company or an Affiliate is are terminated due to the death of the Participant, the Option may be exercised after the Participant's death by the Participant's designated beneficiary, the Participant's heir, the legal representative of the Participant's estate or by the legatee of the Participant under his last will for a period of twelve (12) months from the date of the Participant's death but only to the extent (A) the Option would be exercisable in accordance with Section 2(a) hereof as of the date of the Participant's death, (B) the exercise period of the Option has not expired under Section 4(a) hereof hereof, and (C) the Option has not otherwise been terminated. (ii) Where the Participant's employment with services to the Company or an Affiliate is are terminated due to the Disability of the Participant, the Option may be exercised by the Participant after such termination of employment services for a period of twelve (12) months from the date of such termination of employment services but only to the extent (A) the Option would be exercisable in accordance with Section 2(a) hereof as of the date of the Participant's death, (B) the exercise period of the Option has not expired under Section 4(a) hereof, and (C) the Option has not otherwise been terminated. (iii) Where the Participant's services to the Company or an Affiliate are terminated for any reason other than by reason of death, Disability or Misconduct, the Option may thereafter be exercised for a period of three (3) months from the date of such termination of services but only to the extent (A) the Option would be exercisable in accordance with Section 2(a) hereof as of the date of such termination, (B) the exercise period of the Option has not expired under Section 4(a) hereof hereof, and (C) the Option has not otherwise been terminated. (iiic) Where If, at any time, the Committee reasonably believes the Participant may have committed an act of Misconduct, the Participant's employment with the Company or an Affiliate is terminated for any reason other than by reason of death, Disability or Misconduct, rights to exercise the Option may thereafter be exercised for suspended pending a period determination by the Committee that an act of three (3) months from Misconduct has been committed. If the date Committee in its sole discretion determines that the Participant has committed an act of such termination Misconduct, then the Option, including any portion of employment but only to the extent (A) the Option would be exercisable in accordance with Section 2(a) hereof as of that is exercisable, held by the date of such termination,Participant shall terminate immediately and cease to remain outstanding.